16 Hair World Inc. is a wholesaler of hair supplies. Hair World uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis: Part 1 of 4 $ 47,200 a. Sold merchandise for cash (cost of merchandise $ 26,797). b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $330 ). c. Sold merchandise (costing $4,513 ) to a customer on account with terms n/60. d. Collected half of the balance owed by the customer in (c). e. Granted a partial allowance relating to credit sales the customer in (c) had not yet paid. 550 9,500 4,750 0.47 points 152 eBook References Required: 1. Compute Net Sales and Gross Profit for Hair World. Net Sales Gross Profit